I assume that, indirectly, it may be beneficial to go to a more reputable institution to do research. Not because you can put "8 wks. of research in basic science lab at Top Ten School X" on your CV, but because often, the better institutions provide you with a better chance to publish your work and because you might have the opportunity to establish more powerful connections. That's not to say that both of those things can't be done elsewhere, but making contacts at a place like Harvard can't be a bad thing (unless you're just awful...but in that case, you'd be awful everywhere, so I guess it's a wash).